The company’s decision to decline what would be the biggest-ever tech deal simply opens the door for the inevitable proxy battle that will ultimately decide the fate of the chipmaker.

Qualcomm’s reason for saying no? It thinks it’s worth more than the present offer.

“It is the board’s unanimous belief that Broadcom’s proposal significantly undervalues Qualcomm relative to the Company’s leadership position in mobile technology and our future growth prospects,” executive chairman Paul Jacobs said in a release.

Broadcom wasted no time responding to Qualcomm’s rejection, issuing its own release saying that it “remains fully committed to pursuing” the deal.

The original approach came on November 6, when Broadcom offered $70 a share for Qualcomm. Even before the deal was rebuffed Monday, Broadcom had been preparing for a proxy battle in which it would appeal directly to Qualcomm shareholders, according to a Bloomberg News report. Another tactic Broadcom could use is to nominate directors for Qualcomm’s board ahead of the company’s annual general meeting in 2018.

“We continue to believe our proposal represents the most attractive, value-enhancing alternative available to Qualcomm stockholders and we are encouraged by their reaction,” Hock Tan, the president and chief executive officer at Broadcom, said in the statement on Monday. “It remains our strong preference to engage cooperatively with Qualcomm’s board of directors and management team.”

Overall, Broadcom’s bid is a very ambitious attempt to grow its share of the market for components that go into mobile phones. It’s also a timely bid Qualcomm, whose earnings this year have been hurt by a global legal fight with Apple over its licensing fees for patents. The combined company would be third-largest chipmaker behind Intel and Samsung.